While Bitcoin, Ethereum, and altcoins have continued their upward trend in recent days, some altcoins in South Korea have experienced a notable increase in trading volume. Accordingly, Upbit,
While Bitcoin, Ethereum, and altcoins have continued their upward trend in recent days, some altcoins in South Korea have experienced a notable increase in trading volume.
Accordingly, Upbit, one of South Korea’s leading cryptocurrency exchanges, recorded a remarkable increase in weekly trading volume.
According to data from Upbit, compiled by The Block, the exchange’s total trading volume last week increased by 22.4% compared to the previous week, reaching $9.9 billion.
In addition, XRP was the most traded cryptocurrency on Upbit last week, surpassing Bitcoin and USDT.
Upbit’s weekly trading volume by asset saw XRP take the top spot. XRP was followed by Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), respectively. Thus, XRP became the most actively traded cryptocurrency by Upbit users during that week.
High trading activity for XRP on Upbit is nothing new. There have been previous reports of XRP surpassing Bitcoin and USDT in daily trading volume on Upbit.
A trading volume of $9.9 billion indicates a significant increase in trading activity on Upbit compared to the previous week. However, a rise in trading volume alone does not necessarily mean new capital inflow into the market or a rise in cryptocurrency prices.
Because transaction volume shows the total size of transactions that took place within a specific period, it does not reveal the net purchase amount. Therefore, it is not possible to conclude from the available data whether investors are clearly buyers or sellers.
*This is not investment advice.
Continue Reading: This Altcoin Wave is Sweeping Through South Korea! It’s Outpaced Bitcoin (BTC) and Reached the Top!
